hgwells Posted March 15, 2005 Report Share Posted March 15, 2005 TIA for any help you can provide.Here's my situation...Up until about a year ago, I had pretty poor credit. I was around 570 according to Privacy Guard. I was able to get financed on a $10000 vehicle by putting $5000 down with a secondary lender. I was also able to get a $5000 secured loan with my bank. I have made all my payments on time for the last year, and I was just approved for a Chevron card. I haven't tried any real CCs yet. Anyway, I was over at a dealership and spoke with someone about trading up. To make a long story short, I was able to get Chrysler Finance to approve me on a $32000 vehicle by trading in and adding another $5000 down.This is all feasible financially, but I'm wondering if this is the best option credit wise. I do not need another vehicle, but I know that being under Chrysler Financial would be much better than my secondary lender. It would also be helpful having a higher amount financed in the long run. However, is this the best option right now, or can someone suggest a better option to continue to rebuild my credit, taking into account that I do have money, so that is not an issue. I'm just looking for something/anything that I can do to get my score up.Again, thanks for any advice anyone can provide. Link to comment Share on other sites More sharing options...
score booster Posted March 15, 2005 Report Share Posted March 15, 2005 It sounds like you don't even really want or need a $32,000 vehicle! There are smarter ways to improve credit. Any auto loan reporting is a plus; joint or individual. so you've already got that covered. I'd pull your true FICO's and see what they are. You'd probably at least qualify for unsecured cap 1, household or providian cards. Link to comment Share on other sites More sharing options...
forgop Posted March 15, 2005 Report Share Posted March 15, 2005 Auto dealers are the worst about taking those with bad credit to the cleaners. A depreciable asset like a car is the last option I'd choose if I was wanting to throw away money to rebuild my credit. Link to comment Share on other sites More sharing options...
hgwells Posted March 15, 2005 Author Report Share Posted March 15, 2005 Thanks for the advice. Can anyone recommend another option for someone in my position to rebuild my credit? Link to comment Share on other sites More sharing options...
miracle Posted March 15, 2005 Report Share Posted March 15, 2005 Hiya! Check out the "obtaining credit card, auto financing" forum... there are great stickies on how to rebuild your credit, who may be likely to approve based on your scores and how long you have been rebuilding etc....Good luck! -Jenn Link to comment Share on other sites More sharing options...
Ahntara Posted March 15, 2005 Report Share Posted March 15, 2005 Don't buy something you don't need on credit, ever!Open two revolving accounts and use them monthly to buy ONE tank of gas for the car you have. Pay them on time and sit on them for years...That will improve your credit a lot more. Link to comment Share on other sites More sharing options...
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